Monday, July 1, 2024 Spirit AeroSystems Announces Acquisition by Boeing for $37.25 per Share and Term Sheet with Airbus Spirit AeroSystems NYSE: SPR today revealed that it has entered into a definitive merger agreement with The Boeing Company NYSE: BA , under which Boeing will acquire Spirit for $37.25 per share in Boeing common stock, subject to a collar.
This equates to an equity value of approximately $4.7 billion and an enterprise value of approximately $8.3 billion, including Spirit’s last reported net debt.
The $37.25 per share price represents a 30% premium over Spirit’s closing stock price of $28.60 on February 29, 2024, the day before Spirit and Boeing announced discussions about a potential transaction.
Spirit AeroSystems Logo (PRNewsFoto/Spirit AeroSystems, Inc.) (PRNewsfoto/Spirit AeroSystems) “After thoroughly evaluating Boeing’s offer, we are confident this transaction is in the best interest of Spirit and its shareholders and will benefit all stakeholders,” said Patrick M. Shanahan, President and CEO of Spirit.
“The merger will enable greater integration of both companies’ manufacturing and engineering capabilities, including safety and quality systems.” Additionally, Spirit announced a binding term sheet with Airbus SE EUR: AIR.PA .
Under this term sheet, the parties will negotiate in good faith to finalize agreements for Airbus to acquire certain Spirit assets related to Airbus programs, concurrent with the closing of Spirit’s acquisition by.